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FTA Urges Connecticut General Assembly to Modify Harmful Earned Wage Access Bill
The Financial Technology Association (FTA), a trade association representing leading fintech companies, today urged the Connecticut General Assembly to rework House Bill 5140, legislation that would improperly categorize earned wage access services as loans and harm workers who cannot access the option from their employer. Connecticut workers have spoken out against the legislation and urged the General Assembly to reverse course.
“Several EWA providers have already left Connecticut due to the restrictive and improper guidelines imposed by the Department of Banking,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “The legislation threatens to leave Connecticut workers without a no-cost option to access their wages and meet their financial needs.”
Pay flexibility is a major priority for American workers, who face challenges handling routine or emergency expenses between pay cycles. Most Americans want to get paid more frequently than once or twice a month. They opt for Earned Wage Access services over other products on the market to tap into their already-earned wages with no mandatory fees, no interest, and no impact on their credit scores.
FTA has endorsed legislation at the state and federal levels that would properly categorize Earned Wage Access (EWA) as a non-credit product and establish robust disclosure and consumer protection requirements for workers. These bills also adopt a model-agnostic approach to protect access for the millions of Americans who do not receive EWA through their employers. Unfortunately, HB 5140 fails to provide a workable standard for the tens of thousands of Connecticut residents who chose their own EWA provider. Rather than protecting workers, it takes away their choice and reduces financial services competition in Connecticut.
FTA previously submitted a statement for the record before the Connecticut General Assembly Banking Committee raising significant concerns with the legislation. To learn more, read Earned Wage Access Explained and Just the Facts.
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